Chennai-based leading developer Olympia to develop a Rs 900 crore luxury residential project. The company has tiedup with Apollo Group Founder's first cousin for a joint development of the project. The company also roped in McNally Engineering Group for construction.
Merlin Developers Pvt. Ltd, a Consortium of the Olympia and Merlin Groups, today announced a strategic alliance with McNally Bharat Engineering Company Ltd, part of the Williamson Magor Group and one of the leading Engineering Companies in India.
McNally Bharat will be the construction partner for Olympia Merlin’s flagship luxury residential project, REFLECTION.
The Rs 900 crore project is located on the East Coast Road, which the company claims is the first time on ECR a unique luxury beach home development spread over 35 acres with sprawling 163 villas and 116 apartments in 4 high-rise signature towers - Nebula, Seashells, Eldoris and Lorraine.
Ajit Kumar Chordia, managing director, Olympia Infratech (p) Ltd, said that the land belongs to first cousin of Apollo Founder Pratap Reddy, who owns JVL Group. The land portion comes as Rs 350 crore equity besides the promoters will infuse Rs 30 crore and debt portion would be another Rs 40 crore.
He added, sales worth Rs 80 crore were concluded. All these will take care of Phase I construction, said Chordia.
Phase II will also be funded through similar route, said Chordia.
In Phase one, surrounded by scenic landscaping, planned to be completed by 2016. All the high rise residences are designed to ensure direct uninturupted Sea view. The development encompasses a 8 acre natural lagoon.
The company is also planning to rope in a Thailand based Spa chain to set up Spa centres inside REFLECTION.
Meanwhile the real estate firm has said it has lined up residential projects covering nine lakh sq.ft. The total project cost would be around be around Rs 250 crore.
With the projects under construction and lined up it is looking at sales of Rs 600 crore every year.
